Accenture Plc has announced it is working on a new technology that could supposedly make blockchain applications more secure.

The company announced the launch of the system a few months ago, stating that users would be able to store their security credentials in hardware security modules (HSM), or highly secure processors that are designed to protect passwords and “digital keys.”, as Reuters (reuters.com) wrote in a report.

“It (Accenture’s new technology) is a significant development but it is also not a development that is going to be visible at the front-end of things.”, as Martha Bennett, a principle analyst working with chief information officers for research house Forrester, said.

“It is one of those absolutely essential pieces in the puzzle that makes an end-to-end blockchain deployment actually work.”, as she added.

Information on a blockchain can be accesses and edited only by users that possess cryptographic keys. The latter have traditionally been stored in “cyberwallets”, as reuters.com noted.

However, “cyberwallets”, which are used to store digital keys in HSMs are not sufficiently secure, as financial institutions underlined, according to Accenture.

In addition, coding blockchain application that work with HSMs appears to be complex and time-consuming. Accenture`s platform helps banks store digital keys automatically for their blockchain applications in HSMs.

Now the service works with HSMs from security company Thales and blockchain applications that use code developed by the Linux Foundation-led Hyperledger project.

Accenture`s technology appears just in time for the financial institutions seeking to adopt blockchain technology.

Still, some have expressed concerns that the blockchain technology`s potential may overrated. It is speculated that it may take several years before the technology could assist large companies, as reuters.com wrote.